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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   How much is enough??? (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/how-much-enough-260400/)

retiredguy123 04-09-2018 04:40 AM
Although I don't have to, I could easily live on $65 K in The Villages. There are bargains galore in housing, food, and other neccessities.

daca55 04-09-2018 09:04 AM
Quote:
Originally Posted by Chuck1674 (Post 1531037)
My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.
I would wait till you are 60 and are eligible for the $72K. My pension is a little higher then that and I have had no problem affording a small place here bond or no bond and I am still able to travel and do the things I want to do. Good luck!!

Cisco Kid 04-09-2018 09:27 AM
Quote:
Originally Posted by Chuck1674 (Post 1531037)
My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.
Retire as soon as you can. My brother was going to,,,,,
We buried him two months ago.

Wiotte 04-09-2018 10:33 AM
How much is enough???
 
No one can answer the OP’s question with any certainty at all. It’s a very personal decision that really has little to do with financials but much more to do with what will life be like in retirement and are you really ready, which can’t be answered until it’s experienced.


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My Post 04-09-2018 10:43 AM
For me it comes down to if he likes his job or not.

manaboutown 04-09-2018 10:46 AM
Here is another thought. If you do decide to retire at 55 you could pick up the 40 QCs you need to get Social Security by working part time over the next ten years. You may already have some QCs so it might not take that long. Insured status

Packer Fan 04-09-2018 11:01 AM
Quote:
Originally Posted by daca55 (Post 1531390)
I would wait till you are 60 and are eligible for the $72K. My pension is a little higher then that and I have had no problem affording a small place here bond or no bond and I am still able to travel and do the things I want to do. Good luck!!
DACA,
I think your post answers the spirit of the OP question. Let me restate what I think he is asking - if you had it to do all over again, would you have worked longer or not retired earlier and why? Did you find out that stuff was more expensive or less expensive than you expected when you retired to TV?

Ed

Retiring 04-09-2018 01:07 PM
Quote:
Originally Posted by Chuck1674 (Post 1531037)
My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.
Chuck this is a question only you can answer. Only you know the type of lifestyle you want in retirement. There are those that eat out everyday and those that clip grocery coupons. Personally I couldn’t retire on $102k, that includes the home paid for in full. I like expensive things and enjoy travel. One great thing in TV, a home priced for everyone. You will find a home within your budget. If your willing to tighten your day to day budget, and pay cash for home, you should be ok on $65k.

CFrance 04-09-2018 01:28 PM
Quote:
Originally Posted by Cisco Kid (Post 1531409)
Retire as soon as you can. My brother was going to,,,,,
We buried him two months ago.
That happened to my father too. 57. Life can turn on a dime.

fw102807 04-09-2018 01:53 PM
Depends on how you want to live. We have friends who retired here on a lot less than 65K but they watch their pennies and live a very modest lifestyle. They don't buy a lot and they don't travel but they have a lot of friends and activities and are happy to be here.

manaboutown 04-09-2018 02:23 PM
My father lived to 94, much longer than he planned or expected to live. He was very worried about running out of money his last 10 years. Over time, in his case almost 30 years, inflation ate up what, at the time of his retirement, seemed a comfortable fixed income. His wife (my mother), who was considerably younger than him and had some social security income, passed about five years before he did. That income stopped when she died. I know the OP is unmarried at this time but when a spouse passes some retirement income stream can be lost. When to retire is a decision not to be made lightly or without as much information and guidance as one can obtain.

KSSunshine 04-09-2018 03:06 PM
Quote:
Originally Posted by Chuck1674 (Post 1531037)
My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.
Work with a fiduciary who can help you plan for your wants/needs. Once you know how much you will have to work with and at what age, you can determine when you are ready to retire to TV. They should help you think through what you want to do with your life (e.g. golf, travel, hobbies....grandkids...) and the financial difference to you at different ages. There are a multitude of resources out there to help. Good Luck! Difficult decisions when you don't know the future!

BK001 04-09-2018 04:17 PM
Quote:
Originally Posted by Cisco Kid (Post 1531409)
Retire as soon as you can. My brother was going to,,,,,
We buried him two months ago.

Good advice. So sorry about your brother. Prayers for you and your family.

ColdNoMore 04-09-2018 05:53 PM
Quote:
Originally Posted by Cisco Kid (Post 1531409)
Retire as soon as you can. My brother was going to,,,,,
We buried him two months ago.
Sad to hear about your brother...but I totally agree.

Running out of money, before running out of breath...is IMHO preferable.

There are programs to help with the former...not so much with the latter.

600th Photo Sq 04-09-2018 06:08 PM
Quote:
Originally Posted by Chuck1674 (Post 1531037)
My conundrum: In two years I can retire at age 55 with a 65k per year pension. Or wait 5 more years to take home 72k at 60yrs old. I don't qualify for social security. If I try to keep my mortgage payment under $1000 is it feasible to enjoy the Villages on 65k or wait to be more secure. I will be by myself so I won't need as huge place. I need to know the hidden costs, taxes, bonds, insurance etc. I know this is a question for a financial planner and there are books on it but if anyone would like to share their situation I am listening. I want to get down there as soon as possible but I also don't want to shoot myself in the foot...again....lol my pension would have been 102k if I didn't get divorced, but it is so worth it...Cheers and thanks in advance.
I would wait.... for many many reasons. To involved to fully explain ...bottom line retire with peace of mind.

Ya don't want to end up buying Scratch Tickets .......Get the picture ..:plane:


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